Are sort code and swift code relevant for digital currency transactions?

3 answers

• Dec 17, 2021 · 3 years ago
  No, sort code and swift code are not relevant for digital currency transactions. Digital currencies, such as Bitcoin and Ethereum, operate on decentralized networks and do not rely on traditional banking systems. Transactions are verified and recorded on a blockchain, eliminating the need for sort codes and swift codes. Instead, digital currency transactions require the use of unique wallet addresses and private keys to send and receive funds. These addresses are alphanumeric and serve as the destination for the transaction.
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• Dec 17, 2021 · 3 years ago
  Sort code and swift code are specific to traditional banking systems and are not applicable to digital currency transactions. Digital currencies operate independently of banks and financial institutions, using their own decentralized networks. Transactions are verified and recorded on a blockchain, which eliminates the need for intermediaries like banks. Instead, digital currency transactions rely on wallet addresses and private keys for sending and receiving funds. These addresses are generated by the user's digital wallet and are unique to each transaction.
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• Dec 17, 2021 · 3 years ago
  While sort code and swift code are not directly relevant to digital currency transactions, they may still be required in certain cases. For example, if you are using a digital currency exchange that allows you to deposit or withdraw funds using traditional fiat currencies, such as USD or EUR, you may need to provide your bank account details, including the sort code and swift code. However, once the funds are converted into digital currency, sort code and swift code become irrelevant for further transactions within the digital currency ecosystem.
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